Norwich Union's main fund, CGNU, dropped in value by 11.9% last year. The FTSE All-Share, dropped by almost 30% over the same period.

Over five years the fund, with growth of 28.3%, has outperformed cash, with 16%, the average balanced managed fund, at 14% and the market which achieved a 19% rise.

£200 a month invested in a pension over the past 15 years with a retirement date of January 1 2009 has delivered an investment value of £53,708, equivalent to an annual return of 5.12%.

A 25-year, £50 a month mortgage endowment also maturing on January 1 2009, has delivered an investment value of £42,322, £6,670 over the target amount with the policy increasing in value by £1,973, (including premiums paid) in 2008.

This outperforms an equivalent investment made over the same period in the average savings account and balanced managed fund but falls just short of the FTSE All-Share's £42,614.

David Barral, director at Norwich Union, said: 'Our with-profits funds have continued to prove their worth by delivering attractive long-term returns for investors while protecting them from the ups and downs of the stock market.'

Investment advice - 2009

We round up the best stock, fund and investing tips for the year ahead